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All HBS Web
(1,878)
- Faculty Publications (300)
- May 2021
- Teaching Plan
Middlebury College: Energy2028
By: Brian Trelstad and Michael Norris
Teaching Plan for HBS Case No. 320-029. In 2018, Middlebury College’s board of trustees is considering a proposal called Energy2028 that would push the small, liberal arts and sciences college in Vermont to become a net zero carbon emitter, decrease energy usage by...
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- April 22, 2021
- Article
Shareholders Are Pressing for Climate Risk Disclosures. That's Good for Everyone
By: Caroline Flammer, Michael W. Toffel and Kala Viswanathan
Does shareholder activism induce firms to voluntarily disclose climate change risks? And how do markets respond to these disclosures? New research finds that the extent of climate-risk disclosure increases by approximately 4.6% for each environment-related proposal...
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Keywords:
Reporting;
Transparency;
Activism;
Shareholder Activism;
Shareholder Engagement;
Climate Change;
Corporate Disclosure;
Investment Activism;
Business and Shareholder Relations
Flammer, Caroline, Michael W. Toffel, and Kala Viswanathan. "Shareholders Are Pressing for Climate Risk Disclosures. That's Good for Everyone." Harvard Business Review Digital Articles (April 22, 2021).
- 2021
- Working Paper
Science-Based Carbon Emissions Targets
By: David Freiberg, Jody Grewal and George Serafeim
We examine the effect of voluntarily adopting a standard for setting science-based carbon emissions targets on target difficulty and investments to achieve those targets. We find that firms with a track record of setting and achieving ambitious carbon targets are more...
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Keywords:
Target;
Targeting;
Target-setting;
Target Efficiency;
Management Control Systems;
Management Accounting;
Environment;
Environmental And Social Sustainability;
Climate Change;
Environmental Management;
Environmental Accounting;
Environmental Sustainability;
Management Analysis, Tools, and Techniques
Freiberg, David, Jody Grewal, and George Serafeim. "Science-Based Carbon Emissions Targets." Harvard Business School Working Paper, No. 21-108, March 2021.
- Article
Look 'Outside the Building' for the Future of Leadership
The author discusses what she terms “outside the building” issues, such as climate change, pandemics, and racial/gender justice. These complex issues are “beyond the boundaries of single organizations.” As she writes, “I call this new leadership for the future...
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Keywords:
Change Leadership;
Advanced Leadership;
Innovation;
Complex Systems;
Impact;
Leadership;
Change;
Leading Change;
Innovation Leadership
Kanter, Rosabeth M. "Look 'Outside the Building' for the Future of Leadership." Leader to Leader 100 (Spring 2021): 31–34.
- April 2021 (Revised July 2021)
- Case
Public Equities Impact Investing at BlackRock
By: Shawn A. Cole, Vikram S. Gandhi, Michael Norris and John Masko
In early 2021, BlackRock—the world’s largest asset manager with $9 trillion in assets under management (AUM)—sought to become a leader in promoting environmental and social sustainability. Over the previous ten years, CEO Larry Fink had written an annual open letter to...
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Keywords:
Impact Investing;
Renewable Energy;
Climate Change;
Environmental Sustainability;
Equity;
Corporate Social Responsibility and Impact;
Financial Management;
Investment Funds;
Investment Return;
Mission and Purpose;
Organizational Change and Adaptation;
Financial Services Industry;
United States
Cole, Shawn A., Vikram S. Gandhi, Michael Norris, and John Masko. "Public Equities Impact Investing at BlackRock." Harvard Business School Case 221-066, April 2021. (Revised July 2021.)
- March 2021 (Revised April 2021)
- Case
Making Impact Investing Markets: IFC (A)
By: Shawn A. Cole, John Masko and T. Robert Zochowski
In 2017, the International Finance Corporation (IFC) faced the first big investment decision in its new Scaling Solar project. Founded in 1956, IFC was an international investment body with national governments as shareholders, whose mission was to promote economic...
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Keywords:
Impact Investing;
Development Economics;
Developing Countries and Economies;
Renewable Energy;
Climate Change;
Environmental Sustainability;
Borrowing and Debt;
Credit;
Equity;
Bonds;
Financing and Loans;
Growth and Development;
Emerging Markets;
Non-Governmental Organizations;
Corporate Social Responsibility and Impact;
Investment;
Decision Making;
Financial Services Industry;
Energy Industry;
Zambia
Cole, Shawn A., John Masko, and T. Robert Zochowski. "Making Impact Investing Markets: IFC (A)." Harvard Business School Case 221-061, March 2021. (Revised April 2021.)
- August 2021
- Article
Business Education as If People and the Planet Really Matter
Mounting concern over capitalism’s inability to address systemic challenges in our natural world (i.e. climate change) and social world (i.e. income inequality) is prompting reexamination of capitalism within business groups. This article argues that a concurrent...
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Keywords:
Climate Change;
Equality and Inequality;
Corporate Governance;
Corporate Social Responsibility and Impact;
Social Issues;
Business Education;
Transformation
Hoffman, Andrew J. "Business Education as If People and the Planet Really Matter." Strategic Organization 19, no. 3 (August 2021): 513–525.
- 2021
- Article
Institutional Policies for a Healthy Anthropocene Society
By: Andrew J. Hoffman, P. Devereaux Jennings and Nicholas A. Poggioli
The Anthropocene epoch refers to the geological epoch, now underway, that is defined by monumental, human-caused geophysical changes in planetary ecosystems. Human society is also changing, marked by an equally profound shift in attitudes, beliefs, and practices. In...
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Hoffman, Andrew J., P. Devereaux Jennings, and Nicholas A. Poggioli. "Institutional Policies for a Healthy Anthropocene Society." Behavioral Science & Policy 7, no. 2 (2021): 111–127.
- 2021
- Book
Management as a Calling: Leading Business, Serving Society
Business leaders have tremendous power to influence our society, how it operates, whether it is fair, and the extent to which it impacts the environment. And yet, we do not recognize or call out the responsibility that comes with that power. This book is meant to...
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Keywords:
Business Education;
Power and Influence;
Corporate Social Responsibility and Impact;
Social Issues;
Leadership
Hoffman, Andrew J. Management as a Calling: Leading Business, Serving Society. Stanford University Press, 2021. (Winner of the 2022 PROSE Book Award, Association of American Publishers;
Winner of the 2022 Best Book Award, Social Issues in Management Division, Academy of Management;
Finalist for the 2022 George R. Terry Book Award, Academy of Management.
Chinese Edition: 使命管理, China Science and Technology Press, 2022.)
- December 2020 (Revised September 2023)
- Case
PG&E and the First Climate Change Bankruptcy
By: Stuart C. Gilson and Sarah L. Abbott
In early 2020, the California-based utility PG&E filed a second amended plan of reorganization. PG&E had filed for Chapter 11 bankruptcy in the face of more than $30 billion of legal claims brought against it for its alleged role in causing California wildfires. The...
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Keywords:
Chapter 11;
Utilities;
Liabilities;
Restructuring;
Insolvency and Bankruptcy;
Debt Securities;
Legal Liability;
Climate Change;
Utilities Industry;
United States
Gilson, Stuart C., and Sarah L. Abbott. "PG&E and the First Climate Change Bankruptcy." Harvard Business School Case 221-057, December 2020. (Revised September 2023.)
- 2020
- Chapter
Climate Change Is Going to Transform Where and How We Build
By: John D. Macomber
As fires, floods, and droughts increasingly threaten homes, businesses, and other institutions, climate risk has become financial risk. This implies that homeowners and investors have been making location decisions without properly pricing the cost of potential peril,...
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Macomber, John D. "Climate Change Is Going to Transform Where and How We Build." In Climate Change: The Insights You Need from Harvard Business Review. Vol. 12. HBR Insights Series. Boston, MA: Harvard Business Review Press, 2020.
- Fall 2020
- Article
Climate in the Boardroom: Struggling to Reconcile Business as Usual & the End of the World as We Know It
How does one witness to businesspeople about climate change? Climate change is a problem for the collective and the long term, whereas business often requires a ruthless focus on the individual and the quarter. Climate change is an ethical catastrophe whose solution...
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Keywords:
Sustainable Business;
Climate Change;
Corporate Social Responsibility and Impact;
Environmental Sustainability
Henderson, Rebecca. "Climate in the Boardroom: Struggling to Reconcile Business as Usual & the End of the World as We Know It." Special Issue on Witnessing Climate Change. Daedalus 149, no. 4 (Fall 2020): 118–124.
- September 2020
- Teaching Note
Miami's Tech Future (C): Reaching Another Miami
By: Rosabeth Moss Kanter and Joyce J. Kim
The effects of Miami’s startup scene have not reached many “left-behind” lower-income Black communities, which are disproportionately affected by problems such as segregation and racial discrimination, lack of transportation access, crime, education quality, government...
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Keywords:
Technology;
Change;
Transformation;
Progress;
Community;
Scaling;
Income Inequality;
Racism;
Community Impact;
Community Relations;
Change Management;
Business Startups;
Information Technology;
Diversity;
Race;
Equality and Inequality;
Social Issues;
Business and Community Relations;
Miami;
Florida
- 2020
- Article
Research on Corporate Sustainability: Review and Directions for Future Research
By: Jody Grewal and George Serafeim
We review the literature on corporate sustainability and provide directions for future research. Our review focuses on three actions: measuring, managing and communicating corporate sustainability performance. Measurement is the least developed of the three and...
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Keywords:
Sustainability;
Sustainability Reporting;
Sustainability Management;
Nonfinancial Disclosure;
Nonfinancial Information;
Nonfinancial Performance;
Materiality;
ESG;
ESG (Environmental, Social, Governance) Performance;
ESG Disclosure;
ESG Disclosure Metrics;
ESG Ratings;
ESG Reporting;
Inequality;
Corporate Social Responsibility;
Accounting;
Finance;
Management;
Strategy;
Environmental Sustainability;
Climate Change;
Diversity;
Equality and Inequality;
Corporate Disclosure;
Measurement and Metrics;
Corporate Governance;
Corporate Accountability;
Corporate Social Responsibility and Impact
Grewal, Jody, and George Serafeim. "Research on Corporate Sustainability: Review and Directions for Future Research." Foundations and Trends® in Accounting 14, no. 2 (2020): 73–127.
- September–October 2020
- Article
Social-Impact Efforts That Create Real Value
By: George Serafeim
Until the mid-2010s few investors paid attention to environmental, social, and governance (ESG) data—information about companies’ carbon footprints, labor policies, board makeup, and so forth. Today the data is widely used by investors. How can organizations create...
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Keywords:
Sustainability;
Sustainability Management;
ESG;
ESG (Environmental, Social, Governance) Performance;
ESG Disclosure;
ESG Disclosure Metrics;
ESG Ratings;
ESG Reporting;
Social Impact;
Impact Measurement;
Social Innovation;
Purpose;
Corporate Purpose;
Corporate Social Responsibility;
Strategy;
Social Enterprise;
Society;
Accounting;
Investment;
Environmental Sustainability;
Climate Change;
Corporate Strategy;
Mission and Purpose;
Corporate Social Responsibility and Impact;
Financial Services Industry;
Chemical Industry;
Technology Industry;
Consumer Products Industry;
Pharmaceutical Industry;
North America;
Europe;
Japan;
Australia
Serafeim, George. "Social-Impact Efforts That Create Real Value." Harvard Business Review 98, no. 5 (September–October 2020): 38–48.
- June 2020
- Teaching Note
Generation Investment Management
By: Vikram S. Gandhi and Sarah Mehta
This teaching note provides guidance for teaching the case “Generation Investment Management” (820-033), which looks at the challenges facing a sustainable investment firm.
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Keywords:
Sustainable Investing;
Socially Responsible Investing;
Long-term Investing;
ESG;
Climate Change;
Environmental Sustainability;
Finance;
Equity;
Governance;
Private Equity;
Public Equity;
Financial Markets;
Investment;
Investment Return;
Investment Activism;
Investment Funds;
Investment Portfolio;
Institutional Investing;
Corporate Social Responsibility and Impact;
Financial Services Industry;
United Kingdom;
England;
London
- May 2020
- Teaching Note
Danone: Changing the Food System
By: David E. Bell, Federica Gabrieli, Daniela Beyersdorfer, Amy Klopfenstein and Aldo Sesia
Teaching Note for HBS No. 520-053.
This is a teaching note for the case “Danone: Changing the Food System?” The case examines the efforts of one of the world’s largest food and beverage companies to resolve the social, environmental, and economic issues within... View Details
This is a teaching note for the case “Danone: Changing the Food System?” The case examines the efforts of one of the world’s largest food and beverage companies to resolve the social, environmental, and economic issues within... View Details
- May 1, 2020
- Article
COVID-19's Hard Lessons Might Prepare Business for Climate Change
By: Joseph B. Lassiter III and Danielle Kost
The coronavirus pandemic caught the business world by surprise, but the catastrophe might force companies to face a crisis that has been unfolding in plain sight: climate change.
We asked faculty members affiliated with the Business and Environment Initiative at... View Details
We asked faculty members affiliated with the Business and Environment Initiative at... View Details
"COVID-19's Hard Lessons Might Prepare Business for Climate Change." Harvard Business School Working Knowledge (May 1, 2020).
- May 2020
- Article
Tackling Climate Change Requires Organizational Purpose
By: Rebecca Henderson and George Serafeim
Unchecked climate change presents a profound threat to economic growth and political stability but despite widespread public concern about the issue, global emissions of greenhouse gases have not declined. Indeed current “business as usual” predictions imply that...
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Keywords:
Corporate Purpose;
Purpose;
Sustainability;
Environment;
Climate Change;
Organizations;
Mission and Purpose;
Environmental Sustainability;
Strategy;
Leadership
Henderson, Rebecca, and George Serafeim. "Tackling Climate Change Requires Organizational Purpose." AEA Papers and Proceedings 110 (May 2020): 177–180.
- April 2020 (Revised May 2021)
- Case
Middlebury College: Energy2028
By: Brian Trelstad, Michael Norris and John McKinley
In 2018, Middlebury College’s board of trustees is considering a proposal called Energy2028 that would push the small, liberal arts and sciences college in Vermont to become a net zero carbon emitter, decrease energy usage by 25%, divest fossil fuels from its...
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Trelstad, Brian, Michael Norris, and John McKinley. "Middlebury College: Energy2028." Harvard Business School Case 320-029, April 2020. (Revised May 2021.)